There is a gotcha to this idea I realized, after wasting half a day troubleshooting....
This circuit will tell you if a port pin is high or low. You can flash an LED to determine clock speed or signal some status. You can check if a UART pin is boggling. I suggest using 1k resistors or greater, which will provide plenty of brightness with modern LEDs.
What you can't do with this circuit is check the level of a signal that is only pulled high by a resistor, such as I2C SDA and SCL lines. A 4.7k resistor pulling up doesn't stand a chance against an LED and 1k or less resistor pulling down.
Wish I'd thought of this before soldering a board with 16 LEDs and resistors together.
Yeah, I know some people here have never made a bone-head mistake... well, at least that they'd publicly admit.